Process for buying a house in Colorado

Things you need to know before you move...

Things Your Mover Doesn’t Know and Won’t Tell You…

Valuable Lessons I learned From My Recent Move

You’ll need more boxes:

At least 2x the number of boxes you think you do.  A comforter can take up an entire box all on its own! After unpacking them, they almost seem to multiply, even when they’re flattened! Try to have a plan beforehand of what to do with them when you’re done. Believe it or not, they can be heavy, bulky, wide and just a general pain.

 Your old place is dirty:

Even if you think it isn’t. The place you’re moving out of will take 3x as long to clean as you think it will.  So keep those cleaning supplies handy. Or better yet, hire someone if you can swing it. By the way, your new place is dirty too, even if the previous tenant doesn’t think so.

You have a lot of crap:

Get rid of it. One of the best things I learned was to post things in the “free” section on Craigslist.  You wouldn’t believe the crap people are willing to come pick up.  I had a crappy trampoline & a broken treadmill. Gone. Otherwise you’ll be PAYING to have stuff hauled off. I ended up moving a pressed wood microwave cart (cheap, ugly, heavy, and useless) and now it’s taking up a garage space.  Your camera phone will come in handy here too. Take quick photos of your crap and then upload directly onto the Craigslist app and voila; gone! 

Your garage is not designed for self storage:

Don’t move stuff into your garage if you can help it. Otherwise, you’ll be too tired to deal with it and you’ll be tempted to put it off. Then, there it will stay for a LONG time. Your car is likely more expensive than the crap you leave in your garage that’s taking up valuable parking space. You garage is designed to house your car for convenience, safety and protection…not as a second rate storage unit.

If you like TV, internet and phone, be prepared to suffer for it:

Set aside several hours (cumulatively speaking) to deal with your TV/internet/phone service provider; especially if you’re planning to change providers.  In the Colorado Springs market there are essentially 2 major players for these bundled services, Centurylink and Comcast/Xfinity.  I went from the previous to the latter and it was one of the most time consuming and frustrating aspects of the move.  Between the horrendous automated system, the eternal hold times, the inefficient/inconsistent/passive aggressive/often inaccurate customer representatives, it’s super challenging.  When signing up for service, they LOVE you, but even it’s confusing and time consuming (they do a credit check now) and installation (4 hour windows…and of course, my installer showed up at the end of that).  The billing?? Forget about it.  Then you’ll have to deal sending back specific pieces of their old equipment. Ugh.

Your snail mail will be sluggish:

You can do most of your mail forwarding online at www.usps.com.  Be SURE to write down your confirmation number, because when trouble hits (and it will) it’s helpful to have that.  Even so, you’re likely to have problems. It is the post office after all.

You need more time than you think:

Whether or not you hire movers, count on at least 2 hours more than they say it will take.  Luckily, most moving companies charge by the weight, not the hour.  Your own physical recovery time should be considered as well. If you move on a Friday, you may not be ready for work by Monday.

You’ll be distracted at every turn:

Loading and unloading. Try to focus on one thing at a time, or you’ll walk in circles.  I suggest you hook up your washer and dryer first.  But first, take a picture (with your phone ideally) of your dryer plug or the 220 outlet to make sure they match up with your existing dryer. If not, you’ll have to make other arrangements (hire a professional or go to the laundromat, etc.).

Pretend you’re taking a vacation:

When you pack for vacation you usually have the essentials: clothes, toiletries, hair dryer, medication, device charger(s), your photo ID and extra cash. That way, if you can’t move in right away (in my case because the movers couldn’t find the pieces to put my bed together…which again, take a picture with your phone of your bed without the mattress & box spring), or you’re too tired to even make your bed, you’re ready for a hotel.

The essentials you need that you wouldn’t take on vacation:

Have handy:  toilet paper, paper towels, towels, alarm clock, water, ibuprofen, something to sit on, light bulbs, trash bags, cleaning supplies, laundry detergent/softener, TOOL SET, temporary paper window shades, all of your cars, something to eat, pet accoutrements (bowls, food, bed, etc.)…the pet.

You guessed it…Take more pictures:

Take pictures of your furniture, set up in the old house, before it’s loaded on the moving truck.  This could serve several purposes:   You can later text the photos to your movers, so they know which furniture goes together, in which rooms.  You may also need them for proof if something gets damaged during the move.

You’ll practically live at the local home improvement store:

For that reason, make sure you take pictures or video with your phone of the existing issue that brought you to the store in the first place.  A picture is worth a thousand words…especially to the salesperson at the store.  For instance, take a picture of the faucet you need to replace, or the electrical outlet, or the toilet, or the screws, or the garage door opener, or the paint can label…you get the picture (no pun intended).

The biggest take away for me, you ask?  Prepare as best you can and take LOTS of pictures.

Tracking your child's progress at Colorado Springs school district 12 on your smart phone

How to track your kid(s) at school using a smart phone app

If you, like me, like to keep tabs on your kids at school, there’s an app for that.  It’s called “Infinite Campus”.  It’s free and there are nearly infinite possibilities!  Maybe not infinite, but it allows you to have your child’s schedule, attendance, assignments, grades & schedule at your fingertips in close to real time.  No more, “Junior, how’d you do on that science test?” with him responding, “good” and turns out he got a D!  By following up on your Infinite Campus app, you’ll discover the truth. Or say you have a child who’s late, or absent, or missing assignment, etc.; now you can find out immediately and nip it in the bud before it gets out of hand.  

Plus, it’s easy to download on your smart phone.  Got to your App store or Play store, search “Infinite Campus”, click download (see illustration).  Then it will ask for your district ID, which for Colorado Springs, Cheyenne Mountain School district 12, it is HMPKLT.  Your user name and password are the same ones you use when logging in to the 'PARENT PORTAL' link.  If you haven’t created a user name and password yet, you can do it here.  Once you download and log in the first time, you’ll never have to do it again.

From one D.12 parent to another, trust me, you’ll love it!

Tammy Cockrell & Gayle Caldwell

ERA Shields Real Estate

719-576-3600

tammygayle@erashields.com

www.MotherDaughterRealEstate.com

What's happening in the Colorado Springs real estate market, spring 2013

The state of the real estate market in Spring 2013 in Colorado Springs:

The real estate market has certainly heated up!  Spring is historically a busy time of year in the real estate business, and 2013 is proving to be no exception.  The uniqueness of this spring, however, has more to do with the laws of supply and demand.  With interest rates remaining low, many buyers are looking for good value in a home to purchase.  However, so are the many multitudes of buyers out there, creating many a bidding war. Additionally, prices are increasing. If you are a buyer, it is still a fantastic time to buy, but in most price ranges we've hit bottom and are climbing up the other side.
If you are a seller, because of the low inventory of homes to purchase, this is a great time to put your house on the market!  For additional statistical information check out our "Stat Pack", halfway down the page on on: http://www.motherdaughterrealestate.com/Pages/MarketConditions.aspx.  Or give us a call, email or text.  We'd be happy to discuss it with you!

Tammy Cockrell & Gayle Caldwell

Broker Associates

ERA Shields Real Estate

719.576.3600

tammygayle@erashields.com

www.MotherDaughterRealEstate.com 

Is now a good time to sell my home in Colorado Springs? 

Is now a good time to buy a home in Colorado Springs?

Here's what we think: 

2012
Facts:	Loss/Benefit for sellers:	Loss/Benefit for buyers:
Active listings are down almost 10,000 from 2012	Less competition on the active market	Less to choose from
Sales are up 708 units	Folks are buying more than last year, giving a better chance of sale	More full price & multiple offers
50%+ increase in building permits	New builder competition for the resale market	More new homes and revitalization of newer communities
Average sales price was up nearly 5%	Building equity in your home & supports a higher sales price	The market has hit bottom, and is on its way back up
The hot pricing point is $250,000 and under	If your home is worth 250k or less, you’re on the upside of the curve, and have a better chance of sale.	If this is your price range, you’ll have more full-price and multiple offer situations
Interest rates are super low	Buyers can borrow more money to support higher prices	Buy more house for the money
2013
Forecast:	Loss/Benefit for sellers:	Loss/Benefit for buyers:
Homes under contract to hit the highest mark in the past 5 years!	Better chance of sale	More competition for existing homes
Sales prices will increase around 5%	Builds equity & allows higher pricing	Less house for the same amount of $, than last year
Building permits will continue to rise	Tough builder competition for re-sales, more dust, but filling in vacant lots in existing subdivisions	More new builds to choose from but there may be a delay in construction completion
Homes coming to market will increase	More competition, so your house must be able to compete (look & smell good)	There will be more home in tip-top shape to choose from
High price ranges will see more activity	If your home is valued over $250k, this is welcoming news!	We appear to have hit the bottom of the market, and are now on our way back up-hurry!
Mortgage rates will probably begin to rise with uptick in market conditions	This will limit the number of qualified buyers	As the rate rises, buying power decreases

This info is based on the ERA Shields stat pack data through 12/31/12

Call or visit for more information:  719.576.3600 or www.MotherDaughterRealEstate.com

What is an appraisal and why do I have to get one to buy a house?

What is an appraisal, and why do I have to get one to buy a house?

In Colorado real estate, it’s usually like this…

What is an appraisal?  The buyer usually has to borrow money to buy a house, so the financial institution (lender) that is making the loan submits a request to a third party, called an appraisal management company. They then randomly selects a Colorado licensed appraiser to review similar houses that have sold in the past 6 months.  This person then puts together a report (appraisal) with their comparison findings, and submits it to the lender.

Why do I need an appraisal?  You need an appraisal because you are borrowing money, and your lender wants to be sure the house is worth the money they're lending you to buy it.  Then, if you stop making your house payments, the lender will be able to re-sell the house to get their money back.

Who orders the appraisal?  The financial institution lending the money to the buyer.

Who pays for it?  The buyer typically pays for the appraisal (which is around $350-$450 for single-family residential), because it’s for the buyers’ benefit.  If the seller contractually agrees to pay all the buyers’ closing costs (including appraisal), the buyer still has to pay for it up front, and then will be reimbursed at the closing.

How and when do I pay for it?  Your loan officer will usually accept credit card over the phone, or you can pay by check. It is ordered as soon as possible, but usually following inspection resolution so that the buyer doesn't spend money on an appraisal, only to have the contract fall apart due to inspection issues.

What if the house doesn’t appraise?  Then the seller does not have to sell, the buyer does not have to buy, and lender will not loan money above the appraised value.  For this reason, the buyer and/or seller, if they choose to continue forward, will have to come up with the difference in cash. 

 If it doesn’t appraise, do I get my money back?  No.

How is a VA appraisal different?  VA appraisals tend to be a bit more rigorous, with more emphasis on the property condition as it relates to safety.  They may make requirements of repairs to the property (by whom is negotiable), which will have to be completed prior to closing and are subject to a $75 re-inspection fee.  A VA appraisal also runs with the property for 6 months, even if the original buyer backs out.  This can be problematic to the seller if the appraisal is less than what they are asking for the home, and a new buyer wants to obtain a VA loan within that time frame.  

Is an appraisal the same thing as an inspection?  No.  You (or your agent) hire and/or control the inspection process.  During inspection you have the opportunity to thoroughly examine major components of the house (i.e. furnace, roof, etc.) for defects or safety issues.  An appraisal is ordered by the lender to ascertain value.

*This is why we highly recommend obtaining a real estate professional (or two, like usJ) to represent you.  They will be familiar with the market, and will do detailed studies to ensure the value of the home you’re buying or selling is where it should be.

For more information, please contact Tammy or Gayle of

719.576.3600 office/ gcaldwell@erashields.com or tammy@erashields.com

www.MotherDaughterRealEstate.com

The best way to quickly shop and compare mortgages

What is the best way to QUICKLY shop & compare mortgages?

APR = Annual Percentage Rate

There are many different types of mortgages (FHA, conventional, fixed rate, adjustable, 30 year term, 15 year term, etc.) and there are many types of mortgage providers (mortgage brokers, direct lenders, credit unions, etc.), and all of these need to be considered before making a final decision, but you need to know to quickly shop and compare the costs of a mortgage loan.  Most folks simply base their comparison on interest rates.  However, the interest rate is only part of the picture, because there are other costs associated with obtaining a mortgage loan (i.e. discount points, funding fees, loan origination fees, etc.) and those can vary widely from company to company.  Because of that, the best thing to ask is the APR, short for annual percentage rate.  This rate will include all the costs associated with borrowing money in addition to the interest rate charged.  Here's a link to additional information on the Truth in Lending Act, including APR :

http://www.in.gov/dfi/2582.htm

If you're getting ready to purchase a home, and you're not already working with a real estate broker, give Tammy & Gayle a call at 719-576-3600 or visit our website, www.MotherDaughterRealEstate.com !
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